WHAT ARE THE QUALIFICATIONS
TO BECOME A CERTIFIED MINORITY-OWNED BUSINESS?
Certification could mean access to government and corporate contracts
M&T Bank has resources and support for multicultural and diverse-owned businesses seeking certification.
What is the classification of a minority-owned business?
To qualify for one of several different multicultural and diverse-owned business certifications, which are administered by numerous federal and state governmental agencies, a business usually must have at least 51 percent minority ownership as well as participation in day-to-day operations by a minority owner. Some certifications may also require that the business be in operation for a period of time before certification eligibility.
Many government agencies and private companies set aside a portion of their contract budgets for multicultural and diverse-owned businesses to promote diversity. Getting certified could mean easier access to federal, state, local and corporate contracts and additional benefits like entrepreneurship coaching and networking opportunities. M&T can help your business through the certification process.
What qualifies as a minority?
Organizations that offer multicultural and diverse-owned business certification include the Small Business Administration, the National Minority Supplier Development Council (NMSDC), the U.S. Department of Transportation’s Disadvantaged Business Enterprise program and state and local government programs. Multicultural and diverse-owned business certification requirements will vary based on which organization is issuing the certification. In the case of the NMSDC and other organizations, an individual owner must be at least 25% Asian-Indian, Asian-Pacific, Black, Hispanic or Native American to qualify as a minority owner.
Let our experience helping women entrepreneurs pay off for you. Schedule an appointment with your local M&T branch.
Our resources can help you make sure you get the support and financial products that are right for your business. Learn more about minority-owned business entrepreneurs.
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